The US-owned Intel Corporation will expand its production of desktop central processing units (CPUs) in Ho Chi Minh City, where it has operated a factory since 2006, a local official told the press on Tuesday.

The expansion is part of the semiconductor chip giant’s plan to invest US$1 billion into its factory in the Saigon Hi-Tech Park, Le Manh Ha, vice chairman of the city People’s Committee, said on the sidelines of his meeting with US Consul General Rena Bitter.

The factory began assembling and testing semiconductor components in 2010 and achieved $1.7 billion in export turnovers last year, the news site reported.

The company’s leaders expect to increase exports to $20 billion a year when it reaches full capacity, it said.

During his meeting with the US consul general, Ha also announced that city authorities are applying many measures to assist foreign investors, like reducing processing time for investment license applications and beefing up infrastructure in industrial zones.